Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Laurentian Bank slips to loss as mortgage book shrinks + MORE Mar 10th
Residential book declines amid softer housing activity while commercial lending expands as the bank pushes ahead with its transformation strategy.... More »
OSFI calls stress test “incomplete,” seeks to address “problem” of fixed-payment variable-rate mortgages + MORE Sep 8th
It's no secret that Canada's banking regulator has its sights set on fixed-payment variable-rate mortgage products. And OSFI chief Peter Routledge reiterated that point during a speech today..... More »
Up Your Digital Game Dec 6th
“There is not digital strategy, only strategy in a digital world.” Andrew Lo, COO at Kanetix Ltd., shared that maxim at last week’s MPC National Conference. His message: It’s time for brokers and lenders to stop thinking of customer experience online as being distinct from customer experie.... More »
Latest in Mortgage News: Industry Announcements + MORE Jan 17th
Equitable Bank Improves Reverse Mortgage Process Reverse mortgage clients of Equitable Bank can expect a quicker and less expensive closing process, according the the bank. Equitable, one of just two reverse mortgage providers in Canada, announced the launch of its new closing process this week. The.... More »
National Bank says its consumers remain “resilient” with $1 billion worth of excess liquidity Oct 2nd
National Bank reports that its mortgage clients have been resilient in the face of sharply higher interest rates, thanks in part to high levels of liquidity..... More »
Canadian homebuyers were already exposed to interest rate hikes when the federal government started implementing new rules to stem skyrocketing prices.
New mortgage rules requiring borrowers to undergo a “stress test” at the Bank of Canada’s (BoC) posted rate could help prepare them for such hikes.
But they could also “exacerbate” any slowdown in housing in markets like Toronto, Vancouver, Calgary and Montreal, should those regulations prove “too constraining,” said a commentary released Thursday by credit rating agency DBRS.
A real estate for sale sign is pictured in front of a home in Vancouver, B.C. on Sept. 22, 2016. (Photo: Ben Nelms/Reuters)
Earlier this month, the federal government implemented new rules that make it difficult for borrowers to buy as much house as they used to.
They’re also aimed at keeping people from piling up more debt than they can afford.
Under the rules, you can negotiate an interest rate as low as 2.5 per cent with a bank. You also have to undergo a test to see if you could still make your payments at a rate of 4…
Finance Minister Bill Morneau says recent changes to mortgage rules will keep Canada’s economy secure and protect Canadians in the long run.
Canada’s housing market watchdog sounded alarm bells about the price of housing in several markets across the country Wednesday, claiming that overvaluation and overbuilding in markets like Toronto and Vancouver are finally showing cause for concern. Canada Mortgage and Housing Corporation (CMHC) said in its national housing market assessment that soaring housing prices coupled with […]
Why a prenup is a smart investment
– moneysense.ca
TORONTO – A romantic proposal or an invitation to move in with a partner may seem like an awkward time to start planning for a smooth divorce. But with nearly half of Canadian marriages ending before death does couples part, a pre-nup can help individuals emerge from breakups financially unscathed.Slightly more than 43 per cent of couples married in 2008 will divorce before reaching their 50th anniversary, according to Statistics Canada, which stopped providing information on the country’s divorce rate after that year.
“Why wouldn’t we do some advance planning?” asks Michael G. Cochrane, a partner at Brauti Thorning Zibarras in Toronto and author of “Surviving Your Divorce: A Guide to Canadian Family Law.”
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Marriage agreements are called pre-nuptials if signed before the legal marriage ceremony…
Strong risk in national housing market: CMHC
– moneysense.ca
TORONTO – There is growing evidence of risk in the country’s real estate markets as home prices have climbed faster than income and population growth, a report by Canada’s federal housing agency says.
Canada Mortgage and Housing Corp. increased its risk rating for the national housing market on Wednesday to strong, from a moderate rating that it gave in July.
“We now see strong evidence of problematic conditions overall nationally,” CMHC’s chief economist Bob Dugan said in a news release.
“This is fuelled by overvaluation — meaning house prices remain higher than the level of personal disposable income, population growth and other fundamentals would support. This overvaluation coupled with evidence of overbuilding in some centres means that growth in house prices will slow and housing starts are expected to moderate in 2017 and 2018.”
The agency also said it now sees moderate evidence of price acceleration. That occurs when home prices go up at a faster pace and is a possible sign of speculation…
Canada Mortgage and Housing Corp. increased its risk rating for the national housing market on Wednesday to strong, from a moderate rating that it gave in July.
“We now see strong evidence of problematic conditions overall nationally,” CMHC’s chief economist Bob Dugan said in a news release.
“This is fuelled by overvaluation — meaning house prices remain higher than the level of personal disposable income, population growth and other fundamentals would support. This overvaluation coupled with evidence of overbuilding in some centres means that growth in house prices will slow and housing starts are expected to moderate in 2017 and 2018.”
The agency also said it now sees moderate evidence of price acceleration. That occurs when home prices go up at a faster pace and is a possible sign of speculation…
